FAR and Hunt Oil Farm Out Opportunity Offshore Sengal

First Australian Resources (FAR) and Hunt Oil Company (Operator) continue a global marketing campaign aimed at securing a drilling partner on prospects defined by 3D seismic offshore Senegal.

Provided the farm out process is successful, FAR expects to be free carried though one well in the time in which it would ultimately be dependant upon rig availability and other operational parameters.

Processing of 3D seismic data acquired during 2007 over portion of its Sangomar Shallow and Deep-Rufisque Shallow licenses, off shore Senegal, has highlighted multiple Santonian age fan systems with stacked amplitude anomalies, a very large Albian to Neocomian shelf edge closure (up to 178 square kilometers), and an adjacent Turonian source rock kitchen in oil window.

In the Sengel exploration summary, Far and Hunt Oil offer partners a deepwater play with giant hydrocarbon potential in the Senegalese portion of the productive Mauritania-Senegal-Guinea Bissau-Conaky Basin. Also, the Sangomar Shallow and Deep-Rufisque Shallow offshore licenses cover an area of 1481 square kilometers over the shelf, slope and basin floor with multiple untested plays in a proven hydrocarbon system, and also a billion barrel potential in shelf edge closure. During 2007, 2050 square kilometers of 3D was acquired and has been processed with detailed attribute analysis currently ongoing in 2008.